Published 07/27/2024 12:51:00 p.m.

Umicore suspends construction of $2.76B battery materials plant in Ontario

Umicore has suspended spending on a $2.76-billion battery materials plant in Ontario due to reduced growth expectations in the electric vehicle market.
The company commenced a review of its North American expansion plans, promising results by the first quarter of next year.
Umicore's battery materials business is facing declining customer demand, with anticipated delays in contracted volumes for EV batteries of at least 18 months.

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CBC News

Company halts construction of $2.7B battery project in eastern Ontario

After breaking ground in 2023, the company building a plant to produce battery components for electric vehicles in a municipality near Kingston, Ont., says it's delaying construction of the plant citing a slowdown in EV sales.

07/26/2024 6:20:37 p.m.·Canada

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Global News

Materials company suspends construction of $2.8B Ontario battery plant

The global materials company says it made the decision because of scaled-back expectations for growth in the electric vehicle market.

07/27/2024 2:33:20 p.m.·Toronto, Canada

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Winnipeg Free Press

Umicore suspends construction of $2.76B battery materials plant in Ontario

Umicore says it has halted spending on a $2.76-billion battery materials plant in eastern Ontario. The global materials company says it made the decision because of scaled-back expectations for growth […]

07/26/2024 6:13:23 p.m.·Winnipeg, Canada

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The Toronto Star

Umicore suspends construction of $2.76B battery materials plant in Ontario

Umicore says it has halted spending on a $2.76-billion battery materials plant in eastern Ontario.

07/26/2024 11:15:20 p.m.·Toronto, Canada

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Bloomberg

Umicore delays US$2 billion Ontario plant as EV demand slows

Umicore SA delayed plans for its $2.8 billion (US$2 billion) Ontario electric vehicle battery materials plant as consumer adoption falls short of expectations.

07/26/2024 8:01:14 p.m.·United States

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